The labour union threatened to embark on a nationwide strike if the cash crunch, fuel scarcity and electricity tariff increase were not addressed.

In response to the threat of a strike by the NLC, Ngige invited its leaders and management officials from the Central Bank of Nigeria to meet with him in his office on Monday.

The 10-man delegation of the NLC was led by its President, Joe Ajaero, and the General Secretary, Emmanuel Ugboaja, while the CBN Governor, Godwin Emefiele, was accompanied by two Deputy Governors, Kingsley Obiora (Economic Policy) and Ade Shonubi (Organised Private Sector).

Making his opening remarks, Ngige refuted the allegation by the NLC that his ministry did nothing about the matter.

He said on receiving the letter from NLC, he forwarded same to the CBN Governor before travelling out of the country for an International Labour Organisation Governing Board meeting and directed the Permanent Secretary and Trade Union Services and Industrial Relations Department to follow up.

He said he went further to meet with NLC president and leaders of other deposit money banks, which resulted in large volumes of funds being made available.

Ajaero urged the CBN to improve on their services, regretting the information gap created in the implementation of the naira redesign.

He said, “The NLC could not have stopped CBN from taking good decisions and implementing them in the interest of the nation. If stakeholders were invited and briefed on the policy, when the people complain, NLC would explain everything to them. But in this case, the CBN did it alone. Moreover, it is a wrong time for administering such a national policy.”

He said the National Executive Committee of NLC will meet today to take a decision on the planned strike.